Are You in the Market for a New Credit Card?

If you are of age, and have decent credit, you probably already receive several credit card offers in the mail each month, so you likely are already familiar with the fact that there are thousands of credit card companies out there today, all just waiting for you to sign on the dotted line. If you are thinking of getting a credit card, you do have some things that you should think about first. You will need to decide what type of card is best for you, and what credit card company you want to get it from. As with anything, you should take your time and do some comparisons between different cards and companies, so you make the best possible choice.

In all honesty, if you are looking for a credit card, you might first want to sit down and decide whether or not you really need one right now. Maybe you need something that you can use between paydays, and then pay off when you get your check, just to tide you over in between pay periods. If that is the case, and you do pay the balance off every time you get paid, then that should be okay. Just remember to use the card wisely, and don't just blow money because you think you can, you will have to pay that money back at some point. Some say that relying on your credit cards in this manner will often lead you down a bad financial path, so really think about each purchase you make.

Others get a credit card so that they can get cash at the bank off the card, to use for their own purposes. The thing about this that you have to be careful with, is that many credit card lenders will charge you a much higher interest rate on cash advances than on regular merchant transactions, so if you use your card in this manner, you should always try to pay it back before the grace period is up, to avoid those interest charges. If you think you will be using your card in this manner, look for one that has a low interest rate on cash advances right from the start.

Don’t forget when you use that credit card; you will be responsible for paying that money back. If you remember this before every purchase, you will really think more about using that card, and maybe decide that the purchase can wait after all. Be wary of cards that offer introductory rates, because often, at the end of the introductory period, the rates will sky rocket, which is another way that credit card lenders sucker you in. Most importantly, remember that credit card companies are only on your side to see how much money that they can make off of you and that is the bottom line!

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S&P: Credit card defaults, delinquencies decline - e-wisdom.com (blog)

eWorld Post (blog)

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New York Times (blog)

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Credit card debt is hitting banks - BBC News

MSN Money UK

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S&P: US Bank-Card Charge-Offs, Delinquencies Improve In July - Wall Street Journal

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